Closed End Fund Advisors Inc. Invests $895,000 in PennantPark Investment Co. $PNNT

Closed End Fund Advisors Inc. bought a new position in shares of PennantPark Investment Co. (NASDAQ:PNNT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 150,093 shares of the asset manager’s stock, valued at approximately $895,000. Closed End Fund Advisors Inc. owned about 0.23% of PennantPark Investment at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of PNNT. Sunbelt Securities Inc. grew its position in shares of PennantPark Investment by 493.1% during the third quarter. Sunbelt Securities Inc. now owns 104,245 shares of the asset manager’s stock worth $699,000 after acquiring an additional 86,668 shares during the last quarter. NewEdge Wealth LLC grew its position in shares of PennantPark Investment by 25.0% during the fourth quarter. NewEdge Wealth LLC now owns 319,426 shares of the asset manager’s stock worth $1,904,000 after acquiring an additional 63,938 shares during the last quarter. UBS Group AG grew its position in PennantPark Investment by 35.8% in the 3rd quarter. UBS Group AG now owns 209,725 shares of the asset manager’s stock valued at $1,407,000 after buying an additional 55,331 shares during the last quarter. Freestone Capital Holdings LLC acquired a new position in PennantPark Investment in the 4th quarter valued at $294,000. Finally, Thrivent Financial for Lutherans acquired a new position in PennantPark Investment in the 2nd quarter valued at $330,000. 26.62% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Truist Financial dropped their price objective on shares of PennantPark Investment from $6.00 to $5.00 and set a “buy” rating on the stock in a research note on Tuesday, May 19th. Oppenheimer dropped their price objective on shares of PennantPark Investment from $6.00 to $5.00 and set a “market perform” rating on the stock in a research note on Tuesday, May 12th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of PennantPark Investment from $5.00 to $4.50 and set an “underperform” rating on the stock in a research note on Thursday, April 16th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.10.

Insider Activity at PennantPark Investment

In related news, CFO Richard T. Allorto, Jr. bought 15,000 shares of the firm’s stock in a transaction on Wednesday, March 11th. The shares were bought at an average cost of $4.88 per share, for a total transaction of $73,200.00. Following the transaction, the chief financial officer owned 30,000 shares of the company’s stock, valued at approximately $146,400. This trade represents a 100.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 3.00% of the company’s stock.

PennantPark Investment Price Performance

Shares of NASDAQ PNNT opened at $3.87 on Friday. The firm has a market capitalization of $252.89 million, a P/E ratio of 14.90 and a beta of 0.57. PennantPark Investment Co. has a one year low of $3.61 and a one year high of $7.53. The company’s fifty day moving average is $4.33 and its two-hundred day moving average is $5.16. The company has a debt-to-equity ratio of 1.56, a quick ratio of 0.47 and a current ratio of 0.47.

PennantPark Investment Increases Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Monday, June 15th will be given a dividend of $0.08 per share. This represents a c) annualized dividend and a dividend yield of 24.8%. The ex-dividend date is Monday, June 15th. This is an increase from PennantPark Investment’s previous monthly dividend of $0.04. PennantPark Investment’s payout ratio is presently 228.57%.

PennantPark Investment Company Profile

PennantPark Investment Corporation is a publicly traded closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. Since its formation in 2006, PennantPark has focused on providing customized financing solutions to middle-market companies across the United States. The firm’s investment advisory services are provided by PennantPark Investment Advisers, LLC, which sources and structures transactions tailored to the unique needs of its portfolio companies.

The company’s core strategy centers on debt and equity investments in U.S.-based businesses, typically those with annual revenues between $10 million and $200 million.